Question

John deposited $4000 into an account with 4.9%intrest, compounded quarterly. Asuuming that no wuthdrawls are nade mow much will he have in the account after 8 years​

Answer 1

≈$5,905.67

Total Interest: $1,905.67

`A=P(1+(r)/(n) )^(nt)` where:

`A` = final amount,

`P` = initial principal: 4000 ,

`r` = interest rate: 4.9%,

`n` = number of times interest applied per time period: quarterly; 4

and
`t` = time: in years; 8

thus:

`A=4000(1+(0.049)/(4) )^(32)`